Location: Altoona, PA | Metro: Altoona, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
The ZIP code 16631 presents an interesting scenario for both renters and landlords. The median income data is currently unavailable, which makes it challenging to assess the financial stability of potential tenants. However, the market rate for rentals is also listed as N/A, indicating a lack of comprehensive data on typical rental costs in the area.
Despite these gaps in data, we can analyze the situation using the Fair Market Rent (FMR) figure provided by the government for ZIP code 16631, which is set at $1030 for fiscal year 2024. This amount represents the voucher payment standard for housing assistance in the area. Given that 31.6% of the population are renters and the total population stands at 57, it's evident that the rental market is relatively small but significant.
The affordability gap in 16631 is substantial, considering the reliance on the FMR for determining housing assistance payments. For landlords, this means that the majority of your tenant pool may be heavily dependent on vouchers to cover their rent. This dependency can influence the competition among landlords, as those who accept vouchers might attract a larger portion of the local rental market.
Accepting Section 8 vouchers can provide a steady stream of tenants, though it comes with its own set of rules and regulations that must be adhered to. On the other hand, focusing on cash-paying tenants could offer more flexibility, but given the limited population size and the high percentage of renters, it might also result in fewer available tenants.
Takeaway: Landlords in ZIP 16631 should consider accepting Section 8 vouchers due to the significant number of renters who likely require financial assistance. The FMR of $1030 will be the benchmark for rental costs covered by vouchers, and landlords should factor this into their pricing strategies to remain competitive and attractive to potential tenants.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.